Guyana awards a Saudi Aramco unit a one-year contract to market the government’s share of the crude extracted off the country’s coast.
Aramco wins 1-year marketing contract
In early September 2021, the country had awarded Aramco a contract to market a cargo scheduled for September 21 and 22, 2021.
Natural Resources Minister Vickram Bharrat said at the time that the company was likely to win the one-year contract as well, but that the process was not yet complete.
The process is now complete.
Guyana has been the object of oil company envy since a consortium led by ExxonMobil began producing crude off the country’s coast in late 2019.
It now produces around 120,000 barrels a day and has discovered over 9 billion barrels of recoverable resources.
But the country has no national refining capacity and no state-owned oil company.
That’s why, earlier this year, the government launched a search for an agent to market its crude.
Other talks with Indian refiners to export oil to India were unsuccessful.
